Chandigarh Housing Board to pay Rs 568 crore and more
Parsvnath Developers announced regarding Outcome of Arbitration - Chandigarh Housing Board (CHB) directed to pay Rs. 568 crore alongwith interest and return Bank Guarantees of Rs. 75 crore.The Company had paid Rs 516.53 crore as bid price towards the part consideration payable for the right to develop an integrated project in Chandigarh during the period from October 2006 to April 2008. Owing to various factors, the Company had invoked the arbitration clause in the Development Agreement it had entered into with CHB on 06 October 2006.
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